Romney pays plenty in taxes, thank you

Tuesday

In last Monday's letter "Candidates similar to applicants for job," Thomas Drabick showed his class envy and ignorance of our tax laws.

In last Monday's letter "Candidates similar to applicants for job," Thomas Drabick showed his class envy and ignorance of our tax laws.

It is not the taxpayer's goal to pay more tax, but to only "pay unto Caesar what is Caesar's and not one farthing more." Republican presidential hopeful Mitt Romney may have paid only a 15-percent rate on income of, let's assume, $2 million, and further assuming that most of his income is from investments, which drives business and creates jobs. Romney's payment to the IRS in this scenario would be a whopping $300,000. These dollars pay for welfare as well as other government programs, which are paid for with taxpayer dollars and the monetizing of our debt.

It is the monetizing of our debt and out-of-control spending that created the $15 trillion deficit.

Now let's assume that Drabick's returns show a gross income of, say, $85,000 and taxable income of $40,000 and withholding of about $5,000 after exemptions and all deductions giving a tax of about $6,000 before tax credits. And let's assume Drabick has three children, with one in college.

Drabick would have about $6,000 in child tax credits and a small earned-income credit along with an American Opportunity Education Credit of about $2,000, depending on tuition, scholarships and college-deductible expenses. Under this scenario, Drabick receives a refund of $7,500. Note: Drabick paid federal taxes of $6,000 compared with Romney's $300,000, but Drabick netted $1,500 more than he paid in tax.

Drabick's tax rate is approximately negative 2 percent compared to the 15 percent rate for Romney, and Romney paid $300,000 more than Drabick, who effectively paid zero tax.

Romney owes Drabick no courtesy. Drabick and others of this ilk would do themselves a favor if they tried to better understand our overly complex tax code and use our tax laws to their advantage.

JOSEPH KERNER

Columbus

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